Core Insights - The overall survival status of automotive dealers in China has worsened in the first half of 2025, with a significant increase in the proportion of dealers reporting losses [8] - The automotive market is experiencing intense competition, leading to a situation where sales increase does not translate into revenue or profit growth [1][8] - Dealers express dissatisfaction with manufacturers due to reduced rewards for achieving basic targets, contributing to a decline in overall satisfaction [3][22] Group 1: Dealer Performance and Satisfaction - The overall satisfaction score of automotive dealers has dropped to 64.7, a significant decline from the end of 2024, primarily due to multiple operational pressures [3] - Only 30.3% of dealers achieved their sales targets in the first half of 2025, with 29.0% of dealers failing to meet 70% of their targets [4] - The proportion of dealers reporting losses has risen to 52.6%, while only 29.9% reported profits [8] Group 2: Financial Performance and Challenges - New car sales continue to show negative gross margin contributions of -22.3%, while after-sales and financial insurance contribute 63.8% and 36.2% respectively [14] - The financial penetration rate for new car sales has decreased from 69.1% in 2024 to 62.8% in the first half of 2025, indicating a downward trend [20] - A significant 74.4% of dealers are experiencing price inversion, with 43.6% reporting price inversions exceeding 15%, which severely impacts cash flow [23] Group 3: Comparison Between Traditional and New Energy Brands - New energy independent brand dealers show better operational conditions compared to traditional fuel vehicle brands, with 42.9% reporting profits compared to 25.6% for traditional brands [11] - The gross margin contributions for new energy independent brand dealers are 16.8% for new cars, 54.0% for after-sales, and 17.0% for financial insurance, indicating a more favorable performance [17]
中国汽车流通协会：2025年上半年新车销售持续承压 汽车经销商亏损面扩大
智通财经网·2025-08-18 08:44